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Availability of Funds and Collection of Checks

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Board of Governors of the Federal Reserve System.


Final rule; technical amendment.


The Board of Governors (Board) is amending appendix A of Regulation CC to delete the reference to the Cincinnati branch office of the Federal Reserve Bank of Cleveland and to reassign the Federal Reserve routing symbols currently listed under that office to the head office of the Federal Reserve Bank of Cleveland. These amendments reflect the restructuring of check-processing operations within the Federal Reserve System.


The final rule will become effective on October 18, 2008.

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Jeffrey S. H. Yeganeh, Financial Services Manager (202/728-5801), or Joseph P. Baressi, Financial Services Project Leader (202/452-3959), Division of Reserve Bank Operations and Payment Systems; or Sophia H. Allison, Senior Counsel (202/452-3565), Legal Division. For users of Telecommunications Devices for the Deaf (TDD) only, contact 202/263-4869.

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Regulation CC establishes the maximum period a depositary bank may wait between receiving a deposit and making the deposited funds available for withdrawal.[1] A depositary bank generally must provide faster availability for funds deposited by a “local check” than by a “nonlocal check.” A check is considered local if it is payable by or at or through a bank located in the same Federal Reserve check-processing region as the depositary bank.

Appendix A to Regulation CC contains a routing number guide that assists banks in identifying local and nonlocal banks and thereby determining the maximum permissible hold periods for most deposited checks. The appendix includes a list of each Federal Reserve check-processing office and the first four digits of the routing number, known as the Federal Reserve routing symbol, of each bank that is served by that office for check-processing purposes. Banks whose Federal Reserve routing symbols are grouped under the same office are in the same check-processing region and thus are local to one another.

On October 18, 2008, the Reserve Banks will transfer the check-processing operations of the Cincinnati branch office of the Federal Reserve Bank of Cleveland to the head office of the Federal Reserve Bank of Cleveland. As a result of this change, some checks that are drawn on and deposited at banks located in the Cincinnati and Cleveland check-processing regions and that currently are nonlocal checks will become local checks subject to faster availability schedules. To assist banks in identifying local and nonlocal checks and making funds availability decisions, the Board is amending the list of routing symbols in appendix A associated with the Federal Reserve Bank of Cleveland to reflect the transfer of check-processing operations from the Cincinnati branch office to the head office of the Federal Reserve Bank of Cleveland. To coincide with the effective date of the underlying check-processing changes, the amendments to appendix A are effective October 18, 2008. The Board is providing notice of the amendments at this time to give affected banks ample time to make any needed processing changes. Early notice also will enable affected banks to amend their availability schedules and related disclosures if necessary and provide their customers with notice of these changes.[2]

Administrative Procedure Act

The Board has not followed the provisions of 5 U.S.C. 553(b) relating to notice and public participation in connection with the adoption of the final rule. The revisions to appendix A are technical in nature and are required by the statutory and regulatory definitions of “check-processing region.” Because there is no substantive change on which to seek public input, the Board has determined that the § 553(b) notice and comment procedures are unnecessary. In addition, the underlying consolidation of Federal Reserve Bank check-processing offices involves a matter relating to agency management, which is exempt from notice and comment procedures.

Paperwork Reduction Act

In accordance with the Paperwork Reduction Act of 1995 (44 U.S.C. 3506; 5 CFR 1320 Appendix A.1), the Board has reviewed the final rule under authority delegated to the Board by the Office of Management and Budget. The technical amendment to appendix A of Regulation CC will delete the reference to the Cincinnati branch office of the Federal Reserve Bank of Cleveland and reassign the routing symbols listed under that office to the head office of the Federal Reserve Bank of Cleveland. The depository institutions that are located in the affected check-processing regions and that include the routing numbers in their disclosure statements would be required to notify customers of the resulting change in availability under § 229.18(e). However, all paperwork collection procedures associated with Regulation CC already are in place, and the Board accordingly anticipates that no additional burden will be imposed as a result of this rulemaking.

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List of Subjects in 12 CFR Part 229

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Authority and Issuance

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For the reasons set forth in the preamble, the Board is amending

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1. The authority citation for part 229 continues to read as follows:

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Start Printed Page 47818 Authority: 12 U.S.C. 4001-4010, 12 U.S.C. 5001-5018.

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2. The Fourth District routing symbol list in appendix A is revised to read as follows:

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Appendix A to Part 229—Routing Number Guide to Next-Day Availability Checks and Local Checks

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Fourth Federal Reserve District

[Federal Reserve Bank of Cleveland]

Head Office

0220 2220

0223 2223

0410 2410

0412 2412

0420 2420

0421 2421

0422 2422

0423 2423

0430 2430

0432 2432

0433 2433

0434 2434

0440 2440

0441 2441

0442 2442

0515 2515

0519 2519

0720 2720

0724 2724

0740 2740

0749 2749

0813 2813

0830 2830

0839 2839

0863 2863

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By order of the Board of Governors of the Federal Reserve System, acting through the Secretary of the Board under delegated authority, August 11, 2008.

Robert deV. Frierson,

Deputy Secretary of the Board.

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1.  For purposes of Regulation CC, the term “bank” refers to any depository institution, including commercial banks, savings institutions, and credit unions.

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2.  Section 229.18(e) of Regulation CC requires that banks notify account holders who are consumers within 30 days after implementing a change that improves the availability of funds.

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[FR Doc. E8-18850 Filed 8-14-08; 8:45 am]